Russia denounces oil price cap agreed by EU, G-7 over war in Ukraine

agreed by the EU, Group of 7 and Australia, even as Ukraine suggested it was not tough enough and might have to be revisited.

The embargo will prevent seaborne shipments of Russian crude to the European Union, which account for two thirds of the bloc’s oil imports from Russia, potentially depriving Russia’s war chest of billions of euros. The cap stops countries paying more than US$60 a barrel for Russian oil deliveries by tanker vessel and is designed to make it harder for Russia to bypass EU sanctions by selling beyond the European Union at market prices.Mr Zelensky, in his speech, appeared to be backing the position that Poland had tried to hold out for before agreeing to the US$60 ceiling late on Friday. Warsaw and the Baltic states had argued for a US$30 cap.

The White House described the cap as “welcome news” that would help limit Russian President Vladimir Putin’s ability to fund the Kremlin’s “war machine”.Russia has earned €67 billion from the sale of oil to the European Union since the start of the war in February.

Unless the EU 27 dare to raise their game to include & target nation states not just companies that decide to not play by EU27 rules. Methinks this specific measure it will fail as measured by the metric of meainful significant reduction of oil revenues to the Russian Federation.

Syria makes their prices. USA , make their record high prices. USA America citizens crossing into Mexico for baby formula and gas. Where the hell is Congress. This unit biden want Russia pipeline open. USA government The people want USA pipeline open. Canada wants USA pipeline

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